All reports tagged with: "immovable property tax"

A number of changes to Cyprus property taxes have been made in recent times, most notably the introduction of VAT on the sale of building land, which I have summarised together with other changes in this article.

Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island’s bailout agreement.

Following the second post-programme surveillance mission to Cyprus, the European Commission and the European Central Bank reports that NPLs remain “very high” and that “reform momentum has weakened noticeably.”

The Tax Department will start sending Immovable Property Tax demands today that will include significant discounts agreed by parliament earlier this year of 75 per cent if they settle their account by 31 October.